The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-06-17
business relations with the Kershaw
firm at Chicago.
WHY VEpsu,w DIDN,T Paw


and there told p. ID. Armour of his po-
sition and his ability to stand up to
everything down to 20 cents. 1t was
not until 1045 O'Clock, when he went
into ArmOur's office again, that he was
told that his checks We're being thrown
out by the American Exchange Bank.
The trouble was that Immediately after
Kershaw left the American Exchange
Bank, when Wiltshire produced $500, 900
to go, as he supposed, to the credit of
Kershaw, Irwin, Green K Co. demanded
half of it. Presdt. Irwin is the senior part
ner in this house and had the advantage
that he could credit the money as he was
disposed to. When Kershaw's check for
$500, 900 from the Clearing House went
down for certification it was thrown out
Some big checks had, however, gone
through all right before, among them
were checks to Schwartz. Dupee & Co.,
p. b. Weare & Co., and a few others,
aggregating, perhaps, Sl5O,OOO. so that
Kershaw's promises were made in good
faith II it had not happened that the
president c1 the bank was also an appii-
cant for more margins, Kershaw's checks
" ould have been certified.
LEGAL PROCEEDINGS BEGUN.
The clerks office in the court house
had hardly opened to-day before attOr-
neys for the suffering Board of Trade
specula.ors began crowding in with af-
fidavits from attachments on which to
have service of garnishment secured.
Among the first to appear was Attorney
Riddle, whose case reads: Joseph W.
Wiltshire and Howard Eckert, doing
business as Wiltshire, Eckert & Co,
against Maurice Rosenfeld and Frank
johnson, doing business as Maurice Ro-
senfeld * Co., trespass on case on
promises amounting to $2,OO0,OOO. The
complainants assert that they We're sold
out without authority, and without Civ
ing them an opportunity to put up
margins. They further claim
that the funds furnished the firm
were not used according to in
structions, and that if they had been so
used the firm need not have failed and
the market would not have been de-
pressed. 1t is also claimed that the de-
PENDANTS owe Kershaw & Co., $15, 200,
also that they are liable to repay all the
money advanced as margins.
M'CLEARy CoNFEssEs JUDGMENT.
Victor w. MacFarlane commenced
silt against b. ]. McCleary for Sa5,0O0
and secured an attachment to protect
him, and B. j. McCIeary & Co. con-
fessed Judgment on a note given, yester-
day, to Wilson & Boyd for $4,000. This
is the first piece of preferred paper dur
ing panic which has yet appeared in
court. Rosenfeld, yesterday. be-
gan suit against Wiltshire, Eckert
& Co. for one million dollars
margins, claimed to be in default. The
report that Rosenfield had begun suit
against Kershaw is "A mistake and he has
not garnished Kershaws bank account.
BUSINESS LIGHT.
The range i'm prices in wheat to-day
was a very fair Indicate of the busi-
business extremely light. Most of the
firms on change Were refusing business,
owing to the muddled state into which
their accounts have been thrown by the
wild fluctuations and numerous failures
of the last few days. Several conserva-
tive concerns declared that no more
orders would be executed by them until
their books and accounts had been
out.
Confidence has not as vet been restOr-
ed, though it is thought the worst is
over and that no new failures are immi-
though several were crowded quite hard
and it was expected they would be forced
to- the wall.
TOO MANY PROMISES.
The oft repeated promise of Kershaw
& Co. that the funds would be forth
coming, Were again renewed to-day, but
they fell with no effect on the ears of
the crowd. They had been fed upon
promises to long already. July wheat
opened ut s3, which was tc higher than
the close yesterday. For the whole of
the morning session the price tiuctuated
between 72s and '3s. and after
the first furry of the morning
was very quiet. June which
was another of the months which has
been under such heavy fire, started in
at .1c. and sold as high as IL &c and as
low as 11c. During the morning trade in
it was light, ut no time after the first half
hour around the opening was the wheat
pit comfortably filled. July closed at 1;'c
and June at 71sc.
Corn was quiet, but as i'm the case of
wheat, thee was some show of returning
July opened at 3.s@3'tc
against SIC last night, and by 1890 it
was selling 31s. For the greater part of
the session July was between 3,@3.sc
and strength. as in wheat. came toward
the close of the morning. The announce
ment of John j. Bryant's failure caused
a little weakness in both wheat and corn,
but it was only temporary, and July
closed at 3.s@374c.
Oats showed considerable strength
New crop deliveries: ::were strengthened,
probably by the reports of the dry
weather. and under fair demand with
light offerings, there was about &c adj
vance for cash, and near futures were
also firmer. But for these the improve
ment was not So marked. July opened
at 25sc and closed at 26s
Provisions were only moderately ac-
tive. The course of lard and ribs was
about the same as in corn July lard
started at $3.50 and sold down to $6.45,
and then back to 90. 80. closing at s6.5a4.
July ribs opened at Ss37i and sold down